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Protect your shipment with relevant insurance cover from our expert suppliers. We connect you with expert marine insurance partners, and they will arrange your cover, designed especially for importers and exporters.
Worried about Insurance?
Being self-insured is not always the best approach. Whether you’re shipping one container or a thousand, our expert marine insurance partners will help you cover your risk and protect your relationships with your end-customers.
Frequently Asked Questions
What Can go Wrong, and What Risks are Incidental to a Sea Voyage?
- Damage/Loss to the cargo due to vessel capsizing, sinking, grounding or damage due to water
- Fire/ Explosion on a Vessel
- Explosion/Fire or Collision of Vessels
- War, Terrorism, Strike, Civil Commotion, Piracy
- Natural Causes
- Human Factors: Incorrect Packing, Loading and Unloading, Stowage, Cheap Labour, Master and Crew Error
What is Sum Insured?
Sum insured is the total value of the goods including freight, taxes and any other port handling charges. It is the maximum amount that is payable in the event of a total loss of the insured cargo. The sum insured comprises of the Cost of the goods either on (CIF)/FOB/C & F, Clearing charges and internal freight and Customs Duty.
What are the risks not covered under Marine Cargo Insurance?
The general exclusions in Marine Cargo Insurance under Institute Clauses (A), (B) and (C) are:-
- Willful misconduct of the insured, ordinary leakage, loss in weight or volume
- Insufficient package
- Unseaworthiness of vessel or craft
- Inherent vice of the subject matter, i.e. loss caused by inherent vice or nature of the subject matter. For example, perishable commodities like fruits, vegetables, etc. may deteriorate without any accidental cause
- War and strikes
What information is required when obtaining Marine Cargo Insurance?
- Name and address of the insured and his business
- Description of goods, number and nature of packages
- Value of the goods, i.e. sum insured
- Carrying vessel
- Details of voyage
- Bill of lading
- Type of cover, e.g. ICC (A), (B), (C)
- Commercial Invoice
- INCO Terms
What are the types of covers available for Marine Cargo Insurance?
- Institute Cargo Clause (All Risks) – ICC (A): Widest form of marine cargo insurance that covers all insurable risks unless otherwise excluded (All Risks) e.g. wilful misconduct of the insured, ordinary leakage, unseaworthiness, Inherent Vice.
- Institute Cargo Clause (B) – ICC (B): Based on a named risk basis. It provides cover for loss or damage of insured cargo attributable to vessel damages, natural cause, general loss of cargo.